Latest Answer: A long-term lease is simply a lease in which the agreement term is ten years or longer. A lease is defined in section 105 of the Transfer of Property Act which transfer the leaseholder the right to enjoy a lease property, made for a certain time expressed. But leave and license basis is different from long term lease or lease agreement. A leave and licence does not create any interest in the premises in favour of the licensee but gives the licensee the mere right to use and occupy the premises for a temporary period.
